EANS-Adhoc: ANDRITZ: Financial provisions for continuation of Schuler's growth
and strategy project
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
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announcement.
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30.10.2013
Graz, October 30, 2013. ANDRITZ AG announces ad hoc that financial provisions
totaling around 50 million euros have been made in connection with continuation
of the growth and strategy project "Growing Together" initiated by the Schuler
Group, Germany, in 2011 for integration of the Müller-Weingarten company; 35
million euros of this amount will be booked this year and the remaining 15
million euros in the course of next year. The focus of the operational measures
planned by Schuler is directed towards concentration on core competencies in
manufacturing, expanding service business, and strengthening the company's
presence in growth markets, particularly in emerging markets.
These necessary measures, which will yield annual cost savings between 15 and 20
million euros after their implementation, are a continuation of the steps
already taken to prepare Schuler's organization and cost structure for the
market requirements in terms of earnings and growth. As far as organizational
measures are concerned, Schuler recently downsized its management board from
five to four members and will also substantially reduce the number of
second-level managers in Germany. In addition, various ways of streamlining the
Group structure, which has become very complex over the past few years as a
result of company acquisitions, are currently being investigated, especially in
Germany.
- End -
Press release available for download
The press release is available for download at the ANDRITZ web site:
www.andritz.com/news.
The ANDRITZ GROUP
The ANDRITZ GROUP is a globally leading supplier of plants, equipment, and
services for hydropower stations, the pulp and paper industry, the metalworking
and steel industries, and solid/liquid separation in the municipal and
industrial sectors. In addition, ANDRITZ offers technologies for certain other
sectors including automation, the production of animal feed and biomass pellets,
pumps, machinery for nonwovens and plastic films, steam boiler plants, biomass
boilers and gasification plants for energy generation, flue gas cleaning plants,
plants for the production of panelboards (MDF), thermal sludge utilization, and
biomass torrefaction plants. The publicly listed, international technology Group
is headquartered in Graz, Austria, and has a staff of around 23,900 employees.
ANDRITZ operates over 220 production sites as well as service and sales
companies all around the world.
Further inquiry note:
Oliver Pokorny
Group Treasury, Corporate Communications & Investor Relations
Tel.: +43 316 6902 1332
Fax: +43 316 6902 465
mailto:oliver.pokorny@andritz.com
end of announcement euro adhoc
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issuer: Andritz AG
Stattegger Straße 18
A-8045 Graz
phone: +43 (0)316 6902-0
FAX: +43 (0)316 6902-415
mail: welcome@andritz.com
WWW: www.andritz.com
sector: Machine Manufacturing
ISIN: AT0000730007
indexes: WBI, ATX Prime, ATX, ATX five
stockmarkets: official market: Wien
language: English